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S&P affirms national ratings of MetLife's Mexican insurance units

S&P Global Ratings on Aug. 11 affirmed the national ratings of MetLife México S.A. and its subsidiaries MetLife Mas S.A. de C.V. and Metlife Pensiones Mexico S.A. at "mxAAA." The outlook for the ratings is stable.

The ratings of MetLife México are based on its importance as a highly strategic subsidiary for parent company MetLife Inc., S&P said, adding its operations are integrated with its parent in terms of strategy, systems and risk management, while also sharing the same name and brand.

MetLife México holds a leading market position in the life and health insurance sectors, being one of MetLife's the largest subsidiaries and a strong contributor to its parent company's profits. The company is the largest insurer in the country with a 14% market share in terms of gross written premiums as of December 2016.

As for MetLife Más, the firm's ratings reflect the high level of integration with MetLife México in terms of operations and risk management, while also sharing the MetLife brand, the rating agency explained. The company is a subsidiary within the group focused on selling personal accident insurance in its niche market.

Regarding Metlife Pensiones, S&P said its solid results, high capitalization and adequate coverage levels should maintain its position as an important mid-term business for MetLife México, especially considering future synergies with MetLife Afore.

Going forward, S&P expects MetLife México to maintain its leadership position in the local insurance industry as well as a highly strategic subsidiary for MetLife, while MetLife Más and Metlife Pensiones should also continue to remain important entities for MetLife México.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.